Analyst, Charles Grom, said, "The set-up into today's 1Q print was unfavorable, in our view. Even if Macy's had a good quality quarter and raised its FY12 EPS view to the Street, the stock may have still sold off as expectations given its ~29% move up YTD were extremely high. Layer in an arguably crowded long with (1) a low quality print and (2) no guidance raise - we're not surprised to see the stock sell off a bit here at the open. That said, sub $39, we see a good risk/reward with the stock trading at just 9.3x and considerable EPS upside in our model."

For an analyst ratings summary and ratings history on Macy's click here. For more ratings news on Macy's click here.